NEFT, RTGS charges to be off from July 1

PTI

Metros, Mumbai

The Reserve Bank of India on Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1.

Reserve Bank of India (RBI)

Mumbai: The Reserve Bank of India on Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day.

The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers of up to Rs 2 lakh.

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